Why Invest in Allied Gold

Established Gold Producer

Sustainable production of 375-400 koz/yr Au from three mines - the Sadiola mine in Mali and the Bonikro and Agbaou mines in Côte d’Ivoire

Significant and Growing Mineral Inventory

Mineral Reserves of 11+ Moz Au and M&I Mineral Resources of 16+ Moz Au which are expected to continue to increase2

Project Pipeline Creates Unparalleled Production Growth

Phased expansions at Sadiola and the Kurmuk project in Ethiopia driving an increase in gold production to >600 koz in 2026 and a target of ~800 koz by 2029

Robust Cash Flow Growth Outpacing Production Growth

Optimizations and project pipeline expected to take significant EBITDA and cash flows materially higher

Platform for Further Consolidation

Objective of becoming a dominant emerging markets precious metals producer

Compelling Valuation

The stock is currently trading at a significant discount to the net asset value (NAV) calculated by equity analysts covering the stock. Current analyst NAV ranges from US$2.0 billion to US$3.7 billion.

Sustainable Values

Commitment and focus on core values of integrity, sustainability, safety and inclusivity

The opportunity to achieve operational efficiencies at current producing assets, add Mineral Reserves and Mineral Resources through exploration, and ramp up production through development of new mines provides an exciting investment opportunity.

Notes:
1. See Disclaimers and Cautionary Statement Regarding Forward-Looking Information and Statements, and Cautionary Statements Regarding Non-GAAP Measures; Production figures are displayed on a 100% basis.
2. Mineral Reserves and Mineral Resources are displayed on 100% basis as of December 31, 2023. Further details including tonnes, grade and assumptions are presented in the full mineral reserves and mineral resources estimates commencing on slide 22. Allied's ownership by asset: 80% Sadiola, 89.9% Bonikro, 85% Agbaou, 93% Kurmuk.

Our Core Values

Safety

The safety of our people is paramount. We strive to create a ‘zero harm’ workplace.

Integrity

We are committed to acting with the highest level of integrity at every level of business activity.

Environment

We have a genuine commitment to the responsible use of natural resources and protection of our environment.

Entrepreneurship

We are committed optimising profitability and cash flow to create a platform that drives significant growth.

High Performance

We are dedicated to achieving superior business results to deliver value for all our stakeholders.

Growth

 Our business strategy strives to achieve an elevated growth trajectory, propelling our company to remain the fastest-growing gold miner in Africa.

Key Facts

375 KOZ AU

AU Per Year

11.2 MOZ

AU (2P Reserves)

~800 KOZ

Production Target (2029)

19%

CAGR (2023-2026)

Strategy

Sustainable Production with a Robust Platform for Growth

  • Production base underpinned by the Sadiola Mine in Mali and Bonikro and Agbaou in Côte d’Ivoire Complex with sustainable production of ~375 koz/yr

Significant Growth Potential for Production and Financial Metrics

  • Progressing costs and cash flows optimizations: right sizing, power optimization, technology, overhead among others
  • Sadiola Expansion and Kurmuk project in Ethiopia provide near-term growth to create a dominant African gold producer
  • Production is expected to grow to 620+ koz in 2026 and target 700+ koz by 2029
  • Significant growth in EBITDA and cash flows underpinned by production growth and cost optimization

Further Consolidated Opportunity to Become Substantial Producer in Africa

  • Portfolio provides globally relevant scale with meaningful future cash flows to support pipeline and future accretive M&A
  • Seasoned management team with solid track record of successful operational and strategic execution

Multi-billion Dollar Valuation with Attractive Entry Point for Investors

  • Opportunity to buy significant growth at a discount as Allied Gold transitions from a mid-tier to senior gold producer
  • Corporate NAV valuation at $2.1B for Base Case, ~$3.0B for Operating Case and ~$4.0B for Operating Case at spot gold price
  • Presently trading at a substantial discount in comparison to its inherent NAV and the average P/NAV multiple of its peers

Key Figures

375 koz au

Sustainable Production Platform

11.2 million ounces

Total Mineral Reserves

16.0 million ounces

Total Measured & Indicated Mineral Resources

~800 koz

Targeted Production Level by 2029E

Disclaimer
Mineral Reserves and Mineral Resources

Organic Growth

Sadiola Optimization (Ongoing)

• Advancing operational optimization and Phase 1 Expansion to increase operational flexibility and optimize capital deployment targeting ~200koz/yr between 2024 and 2028, with +230koz/yr in near-term with additional oxide ore sources.

Côte d’Ivoire Operations Complex

• Optimization (Ongoing)
• Advancing the integration of Agbaou and Bonikro into one business unit to realize meaningful synergies
• Near-mine exploration success expected to support production inexcess of current LOM plan and towards strategic goal of 10+ years at 180-200koz/yr

Organic Growth Graphic

DEVELOPMENT

Kurmuk Development Project

• Major permits and DFS completed – plan to start early works in Q4 2023 with commercial production in 2026
• Upside to increase production and mine life driven by exploration success and geological endowment

Sadiola Expansion

• Phase 2 Expansion expected to produce over 400 koz/yr (first 4-years average) and over 300 koz/yr (expansion LOM average) at significantly lower costs
• Advancing studies to meaningfully increase gold recovery, providing further upside

Organic Growth Graphic Disclaimer Reserve and Resources

EXPLORATION

Existing Operations and Projects

• Exploration is ongoing at all sites with prospects expected to add to Mineral Resource inventory over medium-term and long-term supporting Allied’s growth strategy

Strategic Advantage

• Allied maintains an internal drillteam of 255+ people and 17 rigs

COMPELLING VALUATION

Compelling Valuation Graphic Please see Disclaimers and Cautionary Statement regarding forward-looking information and statements